Interest Rates for Fiscal year 1999-2000

The U.S. Department of Education (ED) has recently published the new interest rates for the Fiscal Year 1999-2000, the period July 1, 1999 through June 30, 2000 (FY 99-00). The following is a quick list of the interest rates for new Stafford, PLUS and Consolidation loans:

STAFFORD LOANS -  IN-SCHOOL, GRACE AND DEFERMENT PERIODS
For Stafford loans disbursed on or after July 1, 1998 and before July 1, 2003, during the in-school, grace, and deferment periods, the FY 99-00 interest rate is 6.32%.

STAFFORD LOANS -  REPAYMENT AND FORBEARANCE PERIODS
For Stafford loans disbursed on or after July 1, 1998 and before July 1, 2003, during the repayment and forbearance periods, the FY 99-00 interest rate is 6.92%.

PLUS LOANS
For Federal PLUS loans disbursed on or after July 1, 1998 but prior to July 1, 2003, the FY 99-00 interest rate is 7.72%.

CONSOLIDATION LOANS
For Federal Consolidation loans for which the loan applications was received on or afer October 1, 1998 but prior to July 1, 2003, the interest rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8th of one percent, not to exceed the maximum rate of 8.25%.

A comprehensive chart of the FY 99-00 interest rates applicable to all categories of Federal Family Education Program (FFELP) loans can be obtained by contacting Lynda Reid at (801) 321-7211.. A copy of ED's official memorandum detailing the FY 99-00 interest rates can be found on ED's web-site at http://ifap.ed.gov. Any questions related to FFELP interest rates should be directed to the UHEAA Policy and Training Department at (801) 321-7166 or by e-mail at cjudd@utahsbr.edu.